Wave 5 Label Shows Up, Finally !!
Growing concerns of a prolonged recession and worries of weak corporate earnings for the year ahead kept buyers at bay. STI ended 3.7% lower, or 56.17 points, at 1,456.95 - the lowest since July 2003. Nikkei falls to 26 years low while Hong Kong's Hang Seng Index tumbled the most, 4.8%, to 11,344.58.
FINALLY, Wave 5 label has shown up in the EW chart for the first time today ! ! However, this does not mean we have reached the Wave 5 target yet. Remember Dow's Wave 5 label shown up on Feb 24 but after that it has plunged further? What this means was "we can see through the vally". The widespread belief is that STI will bottom at between 1,200 ~ 1,400 while Dow will bottom at around 5,500.
Labels: Market Direction, Trading Digest
posted by Market Wizards @ March 09, 2009
Comments: 0
